Hakuhodo DY Holdings (TYO:2433) unit Hakuhodo DY ONE plans to cut stake in UNITED Inc. (TYO:2497) to 49.5% by selling 1,930,000 shares for roughly 1.13 billion yen, according to a Tokyo Stock Exchange filing on Thursday.
The sale, scheduled for May 30, will shift UNITED from a consolidated subsidiary to an equity-method affiliate.
The move aims to dissolve the parent-subsidiary listing relationship and enhance UNITED's independence.
The financial impact of the transaction is expected to be immaterial, Hakuhodo DY Holdings said.
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